Voleon Capital Management LP Purchases New Position in Wells Fargo & Company (NYSE:WFC)

Voleon Capital Management LP bought a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 150,647 shares of the financial services provider's stock, valued at approximately $10,581,000. Wells Fargo & Company accounts for 0.8% of Voleon Capital Management LP's holdings, making the stock its 20th biggest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Spinnaker Trust boosted its position in Wells Fargo & Company by 1.8% in the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider's stock valued at $520,000 after buying an additional 130 shares during the last quarter. Shakespeare Wealth Management LLC boosted its stake in shares of Wells Fargo & Company by 0.9% in the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock valued at $972,000 after purchasing an additional 130 shares during the last quarter. MONECO Advisors LLC grew its position in shares of Wells Fargo & Company by 1.9% during the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock worth $493,000 after buying an additional 134 shares during the period. Crown Wealth Group LLC lifted its holdings in Wells Fargo & Company by 2.2% in the fourth quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock valued at $467,000 after buying an additional 140 shares during the period. Finally, Jaffetilchin Investment Partners LLC boosted its stake in Wells Fargo & Company by 0.6% in the fourth quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider's stock valued at $1,580,000 after acquiring an additional 144 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Analyst Upgrades and Downgrades

WFC has been the topic of a number of analyst reports. Royal Bank of Canada raised Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target on the stock in a research note on Thursday, March 13th. Citigroup decreased their target price on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Piper Sandler cut their price target on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Finally, Truist Financial reduced their price target on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Wells Fargo & Company currently has an average rating of "Moderate Buy" and an average price target of $75.34.

Wells Fargo & Company Stock Up 2.7 %

Shares of Wells Fargo & Company stock traded up $1.95 during trading hours on Friday, reaching $73.76. 18,345,997 shares of the company's stock were exchanged, compared to its average volume of 17,544,821. The stock has a market cap of $240.84 billion, a P/E ratio of 13.71, a P/E/G ratio of 1.18 and a beta of 1.02. The company has a 50 day moving average of $69.37 and a two-hundred day moving average of $71.81. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the previous year, the firm earned $1.20 EPS. The business's quarterly revenue was down 3.4% on a year-over-year basis. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

Wells Fargo & Company declared that its board has approved a share repurchase program on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.